![]() You're a member of the military reserves called to active duty for more than 179 days. ![]() You withdrew funds to pay for health insurance while you were unemployed. You used the money to pay for medical expenses that exceed 7.5% of your adjusted gross income. You withdraw funds to satisfy an IRS levy. You become totally and permanently disabled. Some of the most common exceptions to the 10% penalty are: If you do, the IRS charges a 10% penalty for the early withdrawal, unless you meet one of the exceptions. In general, you're not supposed to take money out of your IRA or 401(k) before age 59½. We'll go into each of these three areas in more detail. Failing to take required minimum distributions.Excess contributions to a tax-favored account. ![]()
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